PANews reported on July 26 that according to on-chain analyst Yu Jin’s monitoring, since July 10, multiple newly created wallets have hoarded a large amount of ETH through channels such as Kraken, FalconX, Galaxy Digital, and Binance. The 9 wallets that he personally followed alone have hoarded up to 614,000 ETH in the past half month, worth more than $2.1 billion. And the hoarding of some addresses is still continuing. These whales/institutions, together with ETH spot ETFs, known ETH reserve companies, etc., have helped push ETH from $2,700 to $3,700 in the past half month.